This is exactly what happens when the market goes nuts - huge boom, then huge bust, and we're left with an extreme short sale in Aliso Viejo that also happens to be a preforeclosure. Can they save the house?
18 Prescott, 92656
Asking price: $999,900
Previous sales price: $1,645,000
Previous sales date: 12/28/05
| Beds: | 5 |
| Baths: | 5 |
| Sq. Ft.: | 4,100 |
| $/Sq. Ft.: | $244 |
| Lot Size: | 5,353 Sq. Ft. |
| Property Type: | Residential, Single Family |
| Style: | Two Level, Other |
| View: | Canyon, Hills |
| Year Built: | 2002 |
| Community: | Aliso Viejo |
| County: | Orange |
| MLS#: | S603092 |
| Source: | SoCalMLS |
| Status: | Active |
| On Redfin: | 2 days |
Whew ... that is one heck of a run-on sentence up there.What does Redfin have to say about this situation? Here's what it says on the right side of the listing: "This home is flagged as a short sale. We're sorry, we don't tour or write offers on short sales because of the slim chance that you'll get the home."
Public records say this property sold for $992,000 in mid-2003 and then for $1.645 million in 2005 ... an increase in value of 66% in about two and a half years. Sound reasonable to you?
Now, assuming the property can sell for the current short sale price, it would mean a decline of about 40%.
4 comments:
Million dollar house on a 5400sf postage stamp of a lot in Ladera Ranch West (Aliso Viejo). In an earthquake, I wonder if those houses will bump each other.
Interesting arrangement of the stairs and of the kitchen.
I think this will be impossible to sell - the taxes and HOA fees alone are the size of a mortgage payment. Maybe if they include all the furniture in the sale they'll get someone to bite.
Prices in that area have a long way to continue their downward spiral. Today's bargain is tomorrow's foreclosure.
That is so true with wondering if the houses will bump each other in a earthquake. Its amazing to see how close together these homes are built, you can almost hand your neighbor some eggs from window to window. Every time i visit relatives back east it amazes me to see what space the homes have. But their is nothing like our Southern Califonia living life style, I wouldn't trade anything for it.
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